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Allentown, Bethlehem, Easton, PA, NJ

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Allentown, PA Local News

Freshest Figures Show New Home Sales and Prices Decrease in Allentown

Posted on: May 06, 2013 07:01:00 AM

In January, the Allentown, PA market saw a fall year-over-year in new home closings, and the percentage decline was steeper than December 2012. Closings fell 27.3% from a year earlier to 32, compared with a 12.5% decline in December from the year earlier.

A total of 739 new homes were sold during the 12 months that ended in January, down from 751 for the year that ended in December.

New home closings as a percentage of overall housing closings fell to 6.5% from 9.3% of closings a year earlier. Following a decline in December year-over-year, closings of new and existing homes increased year-over-year in January.

Pricing and Mortgage Trends

In January, the average price for new home closings was $270,837, a 3.9% decline from last year. This decline is a drop off from the 11.6% drop in December from a year earlier.

In January 2013, average mortgage size on newly sold homes moved from $226,707 to $227,336 from January 2012. In December 2012, average mortgage size dipped 8.2% from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.5 percentage points year-over-year to 83.9% in January 2013. This was another rise after December 2012 when there was a 2.9 percentage point rise from a year earlier.

 
 
 

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